Skip to content
Beacon

TBTProShares UltraShort 20+ Year Treasury

Take a bet18y track recordRanked #66 of 949 in this goal

Seeks daily investment results that correspond to -2x the daily performance of the ICE U.S. Treasury 20+ Year Bond Index.

By ProShares · Launched 2008

Annual Cost

0.93%

#4,771 of 5,861 · expensive

Fund Size

$280M

#2,073 of 5,861 · mid-size

Return (1Y)Goal

+8.9%

Track Record

18 years

#587 of 5,861 · established

Performance

Total-return NAV · USD
Growth of $10,000
$12,796+28.0%

Total-return NAV, USD. Net of fund fees, before tax.

What's inside

How Beacon categorizes this fund

Asset class

Fixed income

Region

North america

Strategy

Inverse

Index tracked

ICE US Treasury 20+ Year Bond Index

What it actually holds

By weight

Concentration

synthetic exposure — holdings shown are derivatives collateral, not the fund's positions

ProShares GENIUS Money Market ETF
82.8%
Repurchase Agreement
3.4%
Repurchase Agreement
1.7%
Repurchase Agreement
1.7%
Repurchase Agreement
1.0%
Repurchase Agreement
1.0%
Repurchase Agreement
0.8%
Repurchase Agreement
0.7%
Repurchase Agreement
0.7%
Repurchase Agreement
0.3%

Asset allocation

Cash
99.0%
Stocks
1.0%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
18.9%Moderate

Year-on-year price swings

Max drawdown
-65.1%Severe

Worst peak-to-trough loss

Sharpe (3Y)
0.44Below average
Sortino (3Y)
0.64Moderate downside risk

Bond profile

Credit ratings

US Government
94.6%

Listing

Exchange
NYSE Arca

Full fund details

Objective
Seeks daily investment results that correspond to -2x the daily performance of the ICE U.S. Treasury 20+ Year Bond Index.
Strategy
Invests in derivatives to gain inverse leveraged exposure to U.S. dollar denominated sovereign debt publicly issued by the U.S. government, specifically targeting fixed rate securities with maturities over 20 years. Aims for daily returns consistent with the Daily Target, rebalancing exposure based on index movements.
Inception date
April 29, 2008
Fund family
ProShares

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Inverse
Warning

You can be right and still lose

This fund returns the opposite of its benchmark's daily move, then resets. Hold it longer and the daily compounding takes over: the market can move your way over a week and you still finish down. It works as a one-day hedge and nothing beyond that.

Sources: Cheng & Madhavan, 'The Dynamics of Leveraged and Inverse ETFs' (2009)

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

What's next?

You've looked at TBT. Save it to your watchlist to weigh it against other funds, then turn your shortlist into a portfolio.

See other funds for this goal

Data updated on 2026-08-04